Isn’t it amazing how quickly time appears to pass? But then does time really move or is time motionless? No matter what the answer is, it is now 2008 and I hope your year is off to a good start and you are enjoying the daily blessings given to you and those around you.
The political races are off in heated contest with caucuses and primary elections taking a front seat on the daily newscasts. Later on in the year we will be able to see and possible take part in the national party conventions. The political process is a very integral part of the American way and we should be as informed as possible when we cast our vote in November.
This is also the year that the Baby Boomer (born 1946 – 1964) generation is eligible for early retirement at age 62 through the Social Security System . With a large influx of new retirees within the next few years the issue of the viability of this sponsored retirement plan will need to be seriously reviewed by the Federal government.
January 1, 2008 also starts to clock ticking towards the April 15 deadline for filing 2007 taxes. While there is very little you can do now to adjust your tax liability for 2007, there is still one area in which you may still be able to gain additional deductions. You may find it beneficial to visit with your tax professional or financial advisor to see if you are eligible to make contributions to a traditional Individual Retirement Account (IRA) or a Roth IRA. While contributing to a traditional IRA may result in a deduction from taxable income thereby reducing your tax liability, a Roth IRA can result in future earnings not being taxed. Consult with your financial advisor or tax professional. These contributions can be made to qualified plans up to the deadline for filing 2007 taxes. If you require further income tax information, please visit the Internal Revenue web site.
If you have already retired, enjoy it to the fullest. If you are about to retire, review your goals to ensure all areas are on track and appropriate plans have been taken to make the transition progress smoothly. If you are still a few years away from retiring, it is never too early to assess your future needs and goals and discipline yourself to do everything you can to achieve them.
In future blog entries, we will go into more detail to identify resources for the retired and the nearly retired. Until then, enjoy life.
